John Schuab is one of my favorite writers on real estate investment. He’s been investing and teaching for a long time and he almost always has valuable insights to pass along. His book “Building Wealth One House at a Time” is one that I refer to often. Here is a review that I wrote of his book at Amazon.com. (You’ll need to scroll down to see the review.)
Schuab recently posted a very good article on his website entitled “Buying Bargains as the Sub-Prime Market Melts Down.” He makes the point that “cash is king,” and the true bargains are available to those with cash. He provides a good description of why the market crashed, and how to approach purchasing properties under the market conditions that we now operate under.
Schuab suggests:
“Target several of the best neighborhoods in your town. Neighborhoods that you know will appreciate in value over the next ten years. Walk those streets looking for empty houses. Some of my best deals have been in the better neighborhoods in our town. Your competition will be looking in the traditional rental neighborhoods. Avoid the competition and buy better properties at bigger discounts.”
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